Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $231,614
- Funds due
- $243,235
- Interest + MI left
- $106,524
- First ends
- Jan 2047
Assumption
Assumption + second
$3,229/mo
+$1,379/mo- Down payment
- $43,614
- Funds due
- $56,526
- Interest + MI left
- $415,136
- First ends
- Jan 2047
New loan
New conventional
$3,280/mo
+$1,430/mo- Down payment
- $43,614
- Funds due
- $53,058
- Interest + MI left
- $593,563
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,386 | $203,386 | $391,386 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,172.82 | $1,172.82 | $2,709.88 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $185.00 | $185.00 | $78.28 |
| Taxes, insurance & HOA | $492.00 | $492.00 | $492.00 |
| Total housing payment | $1,849.82 | $3,229.30 | $3,280.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,614
Closing costs & prepaids$12,912
Usable credit−$0
Total buyer cash needed$56,526
Earnest money paid−$0
Remaining funds due$56,526
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$948.50
Initial HOA (3 months)$77.49
Prepaid interest, first (1 days)$19.50
Prepaid interest, second (1 days)$41.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing20 yr 2 moOf the original 30-year loan at 3.500%
Interest already paid$80,597Through Nov 2026
Assumption only · ends Jan 2047$106,524
Assumption + second · ends Jan 2047, second Dec 2056$415,136
New conventional · ends Dec 2056$593,563